Traders stick to U.S. rate-hike view after data
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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2016. REUTERS/Brendan McDermid
NEW YORK (Reuters) - U.S. federal funds futures clung near five-week lows on Wednesday following a steeper-than-forecast 4 percent drop in durable goods orders in June which rekindled some concerns about the manufacturing sector.
The fed funds contract for December delivery was down half a basis point at 99.510. This implied traders saw a 55 percent chance the U.S. central bank would raise interest rates by year-end, compared with a 52 percent probability on Tuesday, according to CME Group's FedWatch.
(Reporting by Richard Leong)
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